In a Spectacular Classic Car Sales Year, Some Winners and Losers

Despite a decidedly unsettled economy and a continuing pandemic, it has been a banner six months for global classic car sales. In a mid-year survey by Classic.com, auction listings were up from 31,098 in the first half of 2021 to 44,417 through June 25 of this year.

In terms of dollar volume, $1.28 billion was spent in the first half of 2021, and in 2022 so far we’re at $2.16 billion. Many classic models—detailed in the report—have experienced double-digit increases in value as expressed in those auction sales. The 1986 to 1991 Mercedes-Benz 300SE (W126) for instance, is the top performer among 100 appreciating assets with a 95 percent increase from last year. At number two was, oddly enough, the 1992 to 1993 GMC Typhoon, at 83 percent. In third place was the 2004 to 2006 Porsche Carrera GT, at 80 percent.

Of course, the total spend was somewhat skewed by the fantastic $142.28 million sale of the Rudolf Uhlenhaut Mercedes-Benz 300SLR—one of just two built—in May. It was by far the most expensive car ever sold, surpassing a 1963 Ferrari GTO that traded for $70 million in 2018.

Other rapidly appreciating cars include the base-model Porsche 928 (with an automatic), the BMWs 633CSi and 540i; the first-generation Mini Cooper S convertible and the Honda S2000 CR. The survey also tracked 78 cars that lost value, and the number one depreciator was the MG-TD (down 18 percent from last year), followed by the Mercedes 280SL (down 16 percent), and the E39 BMW M5 (down 15 percent).

The results reflect the rise of highly accessible online auctions, large amounts of disposable income, low interest rates, and maybe some lingering pent-up demand from the worst COVID years, said Juan Diego Calle, CEO of Classic.com. “We have been experiencing phenomenal growth,” he said. “People who have invested in cars have done well.” The influence of online auction houses is clear, because in the first half of 2021 there were 13,026 online listings sold and so far in 2022 there have been 18,806.

Donald Osborne, CEO of the Audrain Automobile Museum in Newport, Rhode Island, also sees a healthy collector car market, but not necessarily a consistent one. “Some cars on, say, BringaTrailer.com will bring big prices, then similar ones won’t sell at all,” he said. “The online auctions are the new classified ads. We are definitely seeing more and more people in the market to buy cars. Maybe they see the turmoil in the equities market and choose to buy cars instead.”